You have set up your independent medical practice and you’re slowly climbing up the first leg of growth. Then comes the big challenge – the increasing complexity of medical billing. The one question that looms large over your sky at this point is this: ‘To outsource or not to outsource?’
Before arriving at an answer let us look at some facts
- Nearly 80% of all medical bills have errors and in around one-fourth of these bills, the errors involved a significant amount of money.
- The average cost to file an initial claim is $ 6.75 while the average cost to rework a denied claim is around 25 $
- In the last seven years, there has been a 70% increase in data breaches in the healthcare industry
So what do these data tell us? They tell us that precision and attentiveness are absolute musts to reach a satisfactory level of efficiency in medical billing. And we know that efficiency improves when any task is handled with more specialized knowledge and expertise. Medical billing companies with an exclusive focus on billing, tend to collect more revenue at a lesser cost. The benefits of increased efficiency are not only limited to savings in cost but also spill over to other aspects of healthcare operations. Here are some more reasons that tilt the balance heavily in favor of outsourcing medical billing.
Economies of Scale
Billing companies operate at a much higher scale than a private medical practice. They handle billing for many healthcare providers. This enables them to make billing claims at much lower costs than small independent practices.
A billing company has most likely invested in the technology and other infrastructure needed for faster billing. They have well-established processes and workflows that expedite collections.
More Focus on Patient Care
When you outsource your medical billing process, you free your staff from cumbersome repetitive tasks associated with billing including identifying and rectifying errors, monitoring the process, and claim reviews. This in turn lets them focus on the more important goal of improving patient care quality.
Stable Billing support
Long and frequent vacations taken by one of your staff or a sudden sickness that keeps more than one employee from work means that your bills are not raised on time. Outsourcing ensures that such low employee turnovers do not affect your billing performance.
Better control of your Financial Health
The main reason that stops physicians from outsourcing their billing process is the fear that they will lose control over their practice’s finances. But studies have shown that, contrary to popular belief, outsourcing to medical billing companies brings more transparency and control as you can get reports on a real-time basis which makes monitoring finances much easier.
Keep Up With Healthcare Changes
One of the most challenging aspects of Medical billing is adapting to the constantly changing regulations in the US healthcare industry. For Billing companies whose sole focus is on mastering the nuances of the billing process, staying updated on these changes is a core focus area. So when you outsource to a professional medical billing company, keeping up with your compliance needs is less of a burden to you
To reap these and other advantages, outsourcing medical billing will be the best decision that you can make to strengthen your practice’s financial resilience. If you are looking for a medical billing partner with the expertise to reliably support your practice, reach out to us. Rannsolve with its highly experienced and trained professionals and state of the art technology has a proven track record of lowering denials and boosting collections for its healthcare clients across the country.